The General Cash Account Is Considered Significant in Almost All

question 45

Multiple Choice

The general cash account is considered significant in almost all audits

• A)where the ending balance is material.
• B)where either the beginning or ending balance is material.
• C)even when the ending balance is immaterial.
• D)except those of not-for-profit organizations.

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Definitions:

Exchange Rates

The valuation of one currency in the process of being exchanged for another.

Balance Of Payments

A record of all economic transactions during a given period between residents of one country and residents of the rest of the world.

Euros

The eurozone's official currency, adopted by 19 out of the 27 countries in the European Union.

Financial Account

A component of the balance of payments that records transactions involving financial assets and liabilities between residents of a country and the rest of the world.